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is not giving up on the massive deficit reduction deal. >> there's time to get something big done. the president made it clear he wants to do something substantial. >> reporter: with the default line 15 days away, president obama and loaders are scrambling to to cut the budget and work on taxes. a new plan will have a constitutional plan requiring a balanced budget. the proposal rules out any tax human beings, and they said it's dead on arrival. >> we need to accept the responsibility to do the job and lead. $there were no formal talks over the weekend, but behind the scenes, there's a bipartisan backup plan. >> reporter: the measure would allow president obama on his own to raise the debt ceiling in stages. there's not enough to satisfy most republicans. >> i think the mcconnell plan is more of washington not taking responsibility. >> reporter: the chairman, ben bernanke is urging lawmakers to do something quickly, warning a failure to do so would be a self-inflict the wound with serious consequences. joel brown, washington. >> president obama and congressional leaders realize that a deal reali
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